Site Navigation

Site Mobile Navigation

Cassandra Time

So here’s the picture that scares me: It’s September 2009, the unemployment rate has passed 9 percent, and despite the early round of stimulus spending it’s still headed up. Mr. Obama finally concedes that a bigger stimulus is needed.

But he can’t get his new plan through Congress because approval for his economic policies has plummeted, partly because his policies are seen to have failed, partly because job-creation policies are conflated in the public mind with deeply unpopular bank bailouts. And as a result, the recession rages on, unchecked.

Yes, the recession ended in a technical sense. But still.

I wish I had something constructive to propose. But as I feared right from the beginning, there was only one chance at doing this on a sufficient scale. And the administration didn’t take that chance.